Visitors watch the BYD Seal U electric vehicle of Chinese automobile brand BYD at the IAA Mobility 2023 international auto show in Munich, Germany, on September 6, 2023.
Leonhard Simon | Getty Images News | Getty Images
BYD on Tuesday unveiled a smart car system powered by artificial intelligence as the world’s largest electric car maker seeks to better compete with rivals in advanced technologies such as autonomous parking.
The company said in a statement on Tuesday that the Xuanji smart car system “senses changes inside and outside the vehicle within milliseconds,” thereby “improving driving safety and comfort.”
“The architecture integrates large AI models and has the industry’s largest data base, giving the integrated vehicle intelligence system the ability to continuously adapt,” the company said in a statement. X posts Wednesday.
BYD Chairman and President Wang Chuanfu said at the company’s Dream Day event on Tuesday that the system will accelerate the transformation of the auto industry.
BYD, which surpassed Tesla to become the world’s best-selling electric car brand in the fourth quarter, outselling its U.S. rivals, said it plans to invest 5 billion yuan ($701.8 million) to build the world’s first all-terrain vehicle Professional test drive venues located in various cities in China.
BYD obtained the Shenzhen Expressway L3 autonomous driving conditional test license in July last year, becoming the first domestic car manufacturer to obtain this license. The company’s Weibo posts.
L3 autonomous driving refers to conditional autonomous driving where a human must be ready to take over within seconds.
Shares of the Chinese electric vehicle giant’s Shenzhen-listed shares fell more than 2% on Wednesday as China’s stock market fell overall.
Price wars and increasing competition in China’s EV market have squeezed the profitability of Chinese EV makers such as BYD, NIO, Xpeng Motors and Li Auto.
Xpeng Motors, NIO, Huawei and Zeekr have recently launched new electric vehicle models in an effort to gain an edge in China’s increasingly competitive EV market, and Chinese consumer electronics company Xiaomi has also launched an electric vehicle model.
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